Dividend stocks can be a great way to generate income, but many of the classic dividend investments have taken on high valuations in the current bull market. I believe value investors should be willing to consider some alternatives to diversify their portfolio and add lower valued picks. You may be thinking "Why is a dividend and income article discussing an airline stock?" But WestJet is no ordinary airline stock. Often seen as the Southwest Airlines (NYSE:LUV) of Canada, WestJet is one of the two major airlines, the other being Air Canada (OTCPK:ACDVF), that dominates the Canadian air travel market.
New Residential Investment Corp (NYSE:NRZ) - Although New Residential is a REIT involving mortgage-related products, it's not the classic mREIT most investors have heard about. In contrast to most other mREITs, New Residential focuses on mortgage servicing rights, which can actually benefit from rising interest rates since it disincentivizes prepayment/refinancing by borrowers. General Motors (NYSE:GM) - In my last dividend stock article, I mentioned the dividend value in Ford (NYSE:F) but I also believe General Motors is worth considering. For the past several years, the headlines have been strongly negative for GM including a government-led bailout and a series of recalls. Yet even after all of this, GM made $2.8 billion in 2014 after recall costs.